Senator Ted Cruz explained his support for crypto and its potential in Texas.
Openly expressing his support for crypto, popular United States Senator Ted Cruz spoke at length about his vision to make Texas an ‘oasis’ for cryptos. His speech at the Texas Blockchain Summit 2022 voiced his confidence in the crypto industry’s key role in helping develop the country’s various strategic sectors.
“The beauty of it [Bitcoin mining] is when you’ve got substantial investment, as we do in Texas and Bitcoin mining, when you have an extreme weather event, either extreme heat, which is frequent in the state of Texas or extreme cold, which sometimes happens here, Bitcoin mining can be shut off in a fraction of a second. Making that electricity immediately available to the grid to heat or cool people’s homes, to keep businesses running. That is an enormous reservoir of excess capacity that, I think, is very beneficial.”, Cruz was quoted saying, putting forward Texas’ potential to become a crypto hub.
Cruz also expressed his liking of Bitcoin due to its decentralized nature and revealed that BTC was the only crypto in his portfolio, of which he made regular weekly purchases. Texas is fast growing to be a crypto hub, with authorities in the state also underlining its long-term prospects.